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Resource Capital Gold to raise C$5M to fund mine acquisitions

Resource Capital Gold Corp. said Sept. 28 that it has finalized the terms of a proposed nonbrokered private placement of up to 25 million units, at 20 Canadian cents apiece, to raise up to C$5.0 million.

Each unit will comprise 1 common share and 1 share purchase warrant exercisable for 1 common share at 30 cents for a 24-month period from the offering's closing.

The company said Eric Sprott, or his designated appointee, has agreed to participate in the financing but did not specify the investor's planned take-up.

Resource Capital's placement remains subject to regulatory approvals, and the proceeds will be used to fund the company's acquisition of the past-producing Forest Hill and Tangier gold mines in Nova Scotia and other mineral properties, as well as for general working capital.